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Everyday Legal Pointers


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EVER before were so many attractive, tempting investments offered to

the public. Many of them are as safe as government bonds and offer
attractive rates of interest. Others are worthless or questionable. Our
readers are constantly writing us asking for disinterested advice in regard to
their investments. Accordingly, we have secured the services of an experi-
enced financial editor, who will advise readers of this magazine in regard to
any investment in stocks or bonds they may be considering. All inquiries
of this nature will be held in strict confidence and answers will be made by
mail in every case to those who enclose a stamped addressed envelope for
reply. Questions and answers of particular interest will be published in
these pages from month to month. (ADDRESS: Financial Editor, The
New Success, 1133 Broadway, New York, N. Y.

Important New Bond Issues

By the Financial Editor


Y the time this issue of THE NEW SUCCESS Chicago, Burlington & Quincy; $33,000,000

reaches its readers, either there will have par-value general mortgage 7 per cent bonds of

been definitely offered, or arrangements the Great Nortbern Railway, maturing in will have been substantially completed for the 1961; and $33,000,000 refunding and improveoffering of an issue of $230,000,000 par value ment 6 per cent bonds of the Northern Pacific Great Northern Northern Pacific “joint Railway, maturing in 2047. They will be conbonds,” so-called.

vertible at the option of the holders at any time This offering is of peculiar interest in several before 1936, at par, into the Great Northern 7 ways. It is not only the largest financial opera- per cents which are not subject to redemption tion with which the investment market has had before maturity; or into the Northern Pacific 6 to do since the negotiation of the huge Govern- per cents which are subject to redemption at ment loans of the war period; but it is one of 110 up to July, 1936, except that the conversion the largest, if not the very largest, single piece privilege will cease when $115,000,000 par value of corporation financing in the history of our in the aggregate of Great Northern or Northern development, It has been looked forward to, Pacific bonds shall have been issued in exmoreover, as an event likely to mark the turn change. for the better-in-general investment market Without going into great detail, some idea of conditions.

the security for the new 612 per cent bonds, as The purpose of the issue of the new bonds is to principal and interest, may be conveyed by to provide for the maturity, on July 1, of an reference to the fact that the Chicago, Burlingissue of Great Northern-Northern Pacific joint ton & Quincy stock, alone, has a book value of 4 per cent bonds, secured by collateral in the about $200 a share or a total of over $330,000,form of Chicago, Burlington & Quincy stock. 000 for the amount deposited as collateral; that At the time of writing this comment, the details the equity for the bonds, represented by the of the new issue have not all been officially an- stocks of the Great Northern and Northern nounced. They have, however, been before the Pacific, has a total value, at current market Interstate Commerce Commission for consider- quotations, of about $347,000,000; and that the ation and approval for some time. While pos- combined net earnings of the three railroads, sibly subject to some change, they may now be available for interest on the bonds, has averoutlined substantially as follows:

aged in amount during the last few years The bonds will bear interest at the rate of 672 sufficient to cover charges on the new issue two per cent per annum and will run for a period of to three times over. fifteen years—to 1936. They will be the joint The old joint 4 per cent bonds which the new and several obligations of the Great Northern issue will replace have long enjoyed a very high Railway and the Northern Pacific Railway, and investment rating, and are held in large amounts will have the following collateral as security: by institutions like insurance companies which $164,000,000 odd, par-value stock of the follow the most conservative standards in the

You may try the Pace Course for one month for $7-there is no obligation of any kind to continue. This educational privilege is given by Pace & Pace so that men and women everywhere may test Pace Institute's method of teaching Accountancy and Business Administration by Extension through the mails.

When you enroll in the Extension Division of Pace Institute you will study the same subjects as do Resident School students in Pace Institute, New York, Boston, and Washington. Your written work will be graded personally by Resident School instructors. You may transfer at any time from Extension to Resident School instruction with credit for work done and tuition paid.

New Resident Day Classes in Accountancy will form in Pace Institute, New York, Boston, and Washington, early in July. If you can arrange for Resident instruction, write the school nearest you for Day School Bulletin and full information.


Send for details of the $7 trial offer, and also for a complimentary copy of MAKING READY,” a 32-page booklet which tells of ambitious men and women, who have developed themselves by means of Extension study into practising accountants, controllers, auditors, tax specialists, treasurers, cost accountants, and general executives.

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Success 6-21

employment of their surplus funds. Their During recent years, the difficulties of the market record, moreover, has been one of ex- companies furnishing local transportation faciliceptional stability through good times and bad. ties have been due, in the main, to the fact that

At about 9612, the price at which it has been their costs of operation have risen rapidly, while intimated the new 672 per cent bonds will be their income has been held rigidly within the issued, the yield to maturity figures out about limitations of their franchise contracts, pre678 per cent. An investment opportunity is scribing, in most cases, five cents as the standard thus afforded, which should prove exceptionally fare. attractive, and it is the opinion of this magazine. In a large number of instances, the public that some of the new bonds might well find a service commissions have interpreted these place among the holdings of all classes of in- contracts liberally, and without opposition on vestors, small as well as large.

the part of the municipal authorities, have

granted the operating companies relief in the NVESTORS, should make a practice of form of permission to charge higher fares. In


have a bearing, either direct or indirect, on the circumstances to get away, temporarily at status of the securities which they hold. Such a least, from the five-cent-fare handicap have practice is not only necessary to gain mature resulted in opposition and the fighting of the investment experience and the ability to dis- issue in the courts. criminate nicely in the selection of securities, Two cases of this kind were those of the combut it is almost certaio to prove absorbingly panies serving San Antonio, Texas, and Fairinteresting.

field, Iowa. In the one case, the Supreme For example: We have in mind a recent de- Court affirmed decrees of the lower courts encision of the Supreme Court of the United joining the city from enforcing a five-cent fare States which appears to contain many interest- with universal transfers; and, in the other case, ing possibilities as affecting the status of street- it set aside decrees of the lower courts rerailway securities, which has long been unsatis- straining the company from increasing rates factory.

above those fixed in its franchise. In both cases, the Supreme Court held that a contract calling for a rate which could be shown to be confiscatory would not stand in law.

There are undoubtedly a good many other Here's One

cases in which application of this just and reaContented

sonable interpretation by the court of final

jurisdiction may not only serve to maintain the Investor

integrity of traction securities, but also save the

companies from complete failure to render Let us tell you something about safe, profitable service adequate to the needs of their commuinvestment through the words of M. I. McHenry, nities. Willard. N. Y."About four years ago, after hesitating and investi

The man with an idea has ever changed the gating your company through all possible sources, I world. made my first investment with you. Since that time I have told several friends about your bonds and today I can name just ten people who own them. We

If you can't learn to smile, you can't learn to are all well pleased."

sell. McHenry knows from experience that his principal

It's good to have money, and the things that is safe, and the income from his investment regular and certain, for back of every Miller Bond is non- money can buy, but it's good, too, to check up speculative realty worth twice the amount of once in a while, and make sure that you haven't Miller Bonds issued.

lost the things that money won't buy.

- George Horace Lorimer. Investigate 7% Miller Bonds. Write today for booklet Creating Good Investments $100 Bonds; $500 Bonds; $1,000 Bonds

Write this Booklet 7% Interest payable twice yearly Partial payment accounts

For Christian investors. You receive regular, generous, nontaxable life income. Your money

helps a Christian enterprise. 706 HURT BUILDING

Ask for Booklet A American Bible Society

25 Bible House, Astor Place, New York. "First-The Investor's Welfare



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"The First Month

I Earned $1000 And he might þave remained a farmhand



$50 a month job as a farmhand one day-out of a job entirely the next--and then a posi

tion that paid him $1,000 the very first month! Such was the sky-rocket career of Charles Berry of Winterset, Iowa. And more remarkable still, it all came about as the result of a sunstroke!

How long he might otherwise have remained a farmhand, no one can say. Certainly, however, his work held little promise of better things for the future. Then one day as Berry followed his plow across the fields, under the scorching rays of a burning sun, he suddenly collapsed in his tracks. Sunstroke! He was forced to quit.

Subsequently he found employment in a variety store. His reward for long and tetious hours of clerking was $18 a week.

Not a very remarkable job -but it meant the turning point in Berry's life, for it

Warren Hartle, of 4425 N. Robey Street, Chicago, brought the discovery of the way to big earnings. Berry

for example, had worked for ten years in the railway had been noticing the Sales

mail service at pay ranging from $900 to $1,600 a

year. Then through the N.S.T.A. he became a men who came to call on

Master of the Secrets of Selling that brought him the proprietor of the store.

$1,000 in thirty days. He noticed their prosperous

George W. Kearns of Oklahoma City made $524 in appearance; they stopped at

two weeks. Before this he had never earned more the best hotels, travelled on

than $60 a month. And C. W. Campbell of Greensthe fastest trains; and there

burg, Pa., wrote, "My earnings for the past thirty days was an independence and

are $1,526 and I won second prize in March although variety about their work that made their careers look

I worked only two weeks during that month."

These are only a few of the cases of amazing jumps to like one long vacation com

big earnings. Berry was absolutely convinced and decided pared to Berry's job.

to accept the liberal offer of the N.S.T.A. to fit him for One day Berry fell into

a position as a Master Salesman. In his spare time at conversation with one of the

home he learned the fundamental rules and principles of


Salesmanship covering every branch of this fascinating

field. Almost before he realized it he was ready to accept “Yes," the latter said in

a position as Salesman with a big company to which the answer to his question, "Salesmen do make big money. N.S.T.A. recommended him. The very first month he earned $1,000. And here's the reason: the success of any business de. One month his earnings ran as high as $2,140. pends upon the amount of goods sold. The man who sells is producing profits for his firm. His services are in demand everywhere. He commands big pay wherever he goes. And there is no limit to what he can earn."

The same opportunity that brought Berry his amazing, quick

success is now open to every reader of this magazine. You have “But a man must have natural ability to become a

only to write to the N.S.T.A. You will receive, without any cost Salesman."

or obligation, the remarkable Book on Salesmanship and startling "That's an old, out-of-date notion," the Salesman re

Proof that you can quickly become a Master Salesman in your plied. “Salesmanship today is a science-it's just a mat- spare time at home. You will read the stories of hundreds of men ter of knowing how. . Take myself, for instance, I owe my who today are earning more money than they ever thought possi

ble. What these men have done you too can do. success to the National Sales man's Training Association.

Surely you owe it to yourself to at least examine the evidence. This is a wonderful organization of top-notch Salesmen It was worth $1,000 a month to Charles Berry to write to the aad Sales Managers formed just for the purpose of fitting N.S.T.A. It may be worth that much or more to you. Just mail men for success in Salesmanship. It enables anyone to

the coupon.

There is no cost or obligation. Address beco:re a master of all the Secrets of Selling in his spare time at home. Why, it has made Master Salesmen out of

National Salesmen's Training Association men who had previously been clerks, bookkeepers, me

Dept. 56-G

Chicago, III. chanics and so on. If I were you I'd write to the N.S.T.A. Just ask them to tell you about their system of Salesman

National Salesmen's Training Association

Dept. 56-G, Chicago, ill. ship Training and Free Employment Service."

Please send me your free Salesmanship Book and Free Proof you can make me a Master Salesman. Also tell me how the Free Employment Service of the N.S.T.A. will help me to a Selling

position and send list of business lines with openings for Salesmen. Berry did as the Salesman suggested. The answer he received from the N.S.T.A. absolutely astounded him. It

Name.. was nothing short of a revelation-it was the most amazing Address PROOF of the short cut to big earnings that he had ever seen.


State ......

Startling Proof Sent Free!

Into the Big Money Class

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